ETH attempting to shift price trend in anticipation of Ethereum 2.0 merge

ETH-attempting-to-shift-price-trend-in-anticipation-of-Ethereum-20-merge

ETH price rebounded after hitting a low point in late June, with Ethereum devs planning to merge PoW-PoS on Sept 19. 

During the same period, ETH’s deposit trend on the exchange peaked and is now on the decline, and the deposit trend is currently at an all-time low except for May this year(=selling pressure down).

Meanwhile, ETH’s outstanding OI number (long&shot position) hit a low point in late June like the price and then rebounded, and it broke through the existing resistance line today (=market participation up).

According to these indicator, the downward pressure on the price has been eased considerably compared to the second quarter, but the market is still driven by derivatives, so please be careful while looking at the number of OI.